Foreign exchange reserves
These days, good news is coming for India in terms of economy. Whether it is the data of GDP or the rate cut in GST. Now the data of the foreign asset has also seen a boom. India’s foreign exchange reserves have increased for the third consecutive week. According to the latest RBI data, the Forex Reserve increased a great increase of $ 4.698 billion in the week ended on 12 September. With this growth, it has increased to $ 702.966 billion, which is very close to $ 705 billion all-time high.
All components contributed to this increase. Foreign currency assets (FCA), which is the largest part of the reserve, increased by $ 2.537 billion and reached $ 587.014 billion. FCA also affects the fluctuations of non-American currencies like euro, pounds, yen. The most amazing Gold Reserve did the most, which increased by $ 2.12 billion. Now the Gold Reserve has increased to $ 92.419 billion. The bounce came due to the increase in gold prices in the global market and the strategy of RBI’s gold reserve.
IMF and SDR also increase
The components associated with the IMF were also improved. Special drawing rights increased by $ 32 million and reached $ 18.773 billion. India’s reserve position in IMF also increased by $ 9 million to $ 4.76 billion. The reserve had increased by $ 4.03 billion in the week on 5 September, which reached $ 698.26 billion. Now after this week’s increase, the reserve has increased to $ 702.966 billion, which is a good sign for the country’s economy.
Pakistan’s foreign exchange reserves
After the crushing defeat in the Asia Cup from India, there has been a little happy news on the economic front for Pakistan. Pakistan’s foreign exchange reserves increased by US $ 21 million. The data of the Foreign Reserve was released by the State Bank of Pakistan on Thursday, according to which the total reserves of the country have been reduced to 14.35 billion US dollars.